World News: 21:45 GMT Tuesday 3rd December 2019. [Rush Enterprises, Inc. via Globe Newswire via SPi World News]
SAN ANTONIO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that its Board of Directors approved a new stock repurchase program authorizing the Company to repurchase, from time to time, up to an aggregate of $100 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share.
“I am pleased to announce the approval of a new $100 million stock repurchase program, said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of the Company. “While we expect 2020 to be a challenging year for the commercial vehicle market, we remain confident in our strategy and in our ability to achieve positive financial results and generate positive free cash flow in all cycles of the truck market,” Rush stated. “Our first priority in allocating capital is to invest in our strategy to grow our market share in both heavy- and medium-duty commercial vehicle sales and aftermarket parts and service sales. We believe that we can continue to invest in our growth strategy while also continuing to return capital to shareholders, and if we can achieve this goal in a year when the Class 8 truck market is expected to contract significantly, we believe it will be a strong signal that our strategy is working,” Rush added.
This new stock repurchase program replaces the Company’s prior $150 million stock repurchase program. As of November 30, 2019, the Company had repurchased $123.6 million shares of its common stock under the prior stock repurchase program, which was scheduled to expire on December 31, 2019, and was terminated effective November 30, 2019.
Repurchases under the new stock repurchase program will be made at times and in amounts as the Company deems appropriate and may be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of repurchases under the new stock repurchase program will be determined by management in its discretion and will depend on a number of factors, including market conditions, stock price and other factors. The new stock repurchase program expires on December 31, 2020, and may be suspended or discontinued at any time.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and collision center operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle up-fitting, CNG fuel systems and vehicle telematics products. For more information, please visit . Follow our news on Twitter at @rushtruckcenter and on Facebook at .
Rush Enterprises, Inc., San Antonio
Steven L. Keller, 830-302-5226
Globe Newswire: 21:45 GMT Tuesday 3rd December 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.